Amortisation Study guides, Class notes & Summaries

FAC2601 FINANCIAL ACCOUNTING FOR COMPANIESThe following list of balances appear, amongst others, in the accounting records of Vusi Ltd on 31 October 2020: Ordinary share capital (shares issued at R2.30 each) R1 265 000 Proceeds of ordinary shares issued on 30 June 2020 R 540 000 (Shares issued at R2.70 each) The following decision was taken and has not yet been recorded in the accounting records of Vusi Ltd as at 31 October 2020: The directors decided on a capitalisation share issue of 1 share f...

S - The study-notes marketplace FAC2601 EXAM PACK UNIVERSITY EXAMINATIONS January/February 2021 FAC2601 FINANCIAL ACCOUNTING FOR COMPANIES 100 Marks Duration 2 Hours This paper consists of 8 pages. Instructions: Download this paper as soon as it has been accessed. Remember to complete and adhere to the Honesty Declaration. Please upload submission in PDF-format, single file not larger than 20Mb be...

Accountable - correct answer Verantwoordelijk Accounting year - correct answer Boekjaar Accounts Payable (abbreviation) - correct answer A/P Accounts payable - correct answer Crediteuren Accounts Receivable (abbreviation) - correct answer A/R Accounts receivable - correct answer Debiteuren Accrual-based accounting - correct answer Boekhouding op transactiebasis (i.p.v. kasbasis) Deferred income - correct answer Overlopende passiva Accrued income - correct answer Overlop...

Non-current assets, Plant, property and equipment, recognition, derecognition, depreciation, selling, scrapping, selling, trade-in, asset disposal, insurance claim, disclosures, PPE notes and journals, inspections, Intangible assets, Amortisation, effect of change in foreign exchange rates, buying and selling of foreign exchange rates, company as a form of an entity, ordinary and preference shares, classification of share capital, underwriters, employee benefits, Financial instruments, provision...

Account Current (abbreviation) - answe-A/C Accountable - answe-Verantwoordelijk Accounting year - answe-Boekjaar Accounts Payable (abbreviation) - answe-A/P Accounts payable - answe-Crediteuren Accounts Receivable (abbreviation) - answe-A/R Accounts receivable - answe-Debiteuren Accrual-based accounting - answe-Boekhouding op transactiebasis (i.p.v. kasbasis) Deferred income - answe-Overlopende passiva Accrued income - answe-Overlopende activa Acquisition value - an...

IAS 38 - Intangible Assets are discussed regarding the conceptual framework. The components, definition, and recognition criteria are analyzed and explained along with examples. Amortisation and the residual value are explained. The intangible assets recon is also given.

FREQUENTLY ASKED QUESTIONS 1. Can I expect to see identical examination questions as included in previous exam papers or other questions included in the assignment questions or in other tutorial letters? No. You will not get questions that you have seen before, although the exam paper will test the same principles as the questions included in past papers, practice case studies, assignment questions and the study guide. The principles will be tested on a level that is acceptable for third y...

When is a receipt not taxable - If the receipt is wholly unexpected and unsolicited What are the badges of trade? - Profit-seeking motive, frequency and number of similar transactions, modification of asset in order to make it more saleable, nature of the asset, connection with existing trade, financing arrangements, length of ownership, existence of a sales organisation, reason for the acquisition/sale Is amortisation an allowable expense? - No, amortisation is not an allowable expense ...

How do you recognise if something is part of PP&E? - correct answer -used in production or supply of goods or services, rental or admin -Expected to be used for more than 1 year, -Has physical substance -Includes assets constructed by the enterprise -Probable that future economic benefits will flow to the company -Cost can be measured reliably When do you recognise Expense of PP&E- DEPRECIATION? - correct answer Initial costs: Purchase price, Delivery and import duties & t...

How do you recognise if something is part of PP&E? - correct answer -used in production or supply of goods or services, rental or admin -Expected to be used for more than 1 year, -Has physical substance -Includes assets constructed by the enterprise -Probable that future economic benefits will flow to the company -Cost can be measured reliably When do you recognise Expense of PP&E- DEPRECIATION? - correct answer Initial costs: Purchase price, Delivery and import duties & t...